EURUSD Price Action Analysis - break on either side would indicate potential for larger move

W1 price is located below 200 period SMA and below 100 period SMA for the primary bearish market condition with the secondary ranging between Fibo support level at 1.0798 and Fibo resistance level at 1.1706:

• "Support is estimated in the mid-1.0800s. Resistance is estimated in the mid-1.1400s (May and June high are 1.1435/65). A break on either side would indicate potential for a larger move."
• "Big picture, EUR/USD has worked higher from long term support but failed again at the 55 week average this week. This is the same average that the rally failed at in August…and November 1997. The November 1997 parallel is interesting because that point marked the short covering rally from extreme weakness into the August 1997 low."
• "The question then is, ‘when does the short covering rally become a rally with legs?’ Well, if current behavior continues to follow that of 1997, then additional range trading is in store (that probably means back to the 1.0800s then higher again). Traction above 1.15 would suggest something bullish is underway."

Trend:

• W1 - ranging bearish
• MN1 - bearish ranging